When Implementing Open Banking, Countries Are Taking Unique Approaches To Consumer Privacy

[McFurd]

Forbes - 8/13/2018 - Alan McIntyre - Anxiety around consumer data privacy is at the forefront of everyone’s minds these days, thanks to countless recent consumer data breaches from Reddit to Under Armour. At the same time, in a somewhat paradoxical move, the banking industry is moving toward open banking, which will give consumers better banking experiences by sharing customer data with third parties, including fintech companies. The challenge for banks is how to move into this next phase of evolution for the industry while assuring consumers that their data will be safe. An Accenture Research survey in the U.K. finds that 73% of consumers are reluctant to share personal data with retailers, and 93% worry about sharing their data with social media firms. Read more @ https://www.forbes.com/sites/alanmcinty ... c26935b69a